CREDIT

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We invest in in both liquid and illiquid credit instruments, sourced directly from borrowers as well as the public markets. Our credit strategies look primarily to rated and non-rated debt of sub-investment grade issuers in developed and emerging markets, and our investment strategies in these markets tend to include high yield bonds, convertible securities, leveraged loans, structured credit instruments, distressed debt and private debt.

We have extensive experience in the market for financially distressed debt and believe that this market validates our Investment Philosophy. We are opportunistic, value investors seeking to guard against loss by acquiring assets at very attractive prices. Our gains are then realized through the financial restructuring of the companies in which we invest.

Opportunities to invest in distressed debt typically arise as a result of the imprudent allocation of credit (oftentimes brought on by a lowering of credit standards). This condition, when exacerbated by some form of economic or sector-wide shock, creates attractive opportunities to acquire debt at very attractive levels.

Our Distressed Debt practice allows us to explore opportunities at any level of the capital structure, and in value-oriented securities across developed markets, private placements, real estate, convertible securities and derivatives. Mindful of our Investment Philosophy, we tend to seek out-of-favor opportunities that over-price the risk relative to the potential reward.

In addition to our Distressed Debt strategies, we also focus on investment opportunities in private and non-traditional debt issued by companies that have little or no access to traditional sources of financing. The strategies seek to achieve attractive, risk-adjusted absolute returns by originating or participating in the syndication of mezzanine debt, senior debt or a combination thereof. We work with management teams and advisors to create bespoke financial solutions. We rely heavily on our proprietary analytics and analysis as well as how the transaction compliments our overall portfolio

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PRIVATE EQUITY

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Our private equity strategies focus on a broad range of regions and market sectors, and they combine traditional private equity and distress-for-control activities. We invest in companies we believe to be undervalued. We seek to enhance value through key strategic and tactical initiatives, including optimizing capital structures, improving operations, investing in core businesses, and identifying new opportunities for growth.

GLD has a particular private equity focus on control-oriented debt and equity investments in middle-market companies that have an element of distress, dislocation or dysfunction and that we perceive to be undervalued. We seek situations in which we can gain control of, or significant influence over, companies exhibiting such characteristics and then actively manages those businesses in an effort to maximize value and investment returns. We pursue strategy across capital structures, whether by purchasing secondary market debt (distress-for-control) or making direct equity investments in distressed businesses. Importantly, the strategy does not require a distressed macro environment to invest successfully, relying instead on “situational” distress that can be uncovered in any industry, sector or individual company at any point in the economic cycle.

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REAL ESTATE

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Our real estate strategies target a diverse range of investments across nearly all areas of real estate. We pursue equity and debt investments in a variety of property types in the United States and abroad. Investments may include direct property investments; investments in real estate-related corporations; commercial mortgage-backed securities and related securities; residential land, assets and loan pools; small-balance commercial loan pools; and non-U.S. investments. GLD will also occasionally pursue new construction and development opportunities with aligned, high-quality partners. Our opportunistic approach and our team’s extensive expertise at the intersection of real estate and distressed debt allows us to capitalize on continued flow of over-leveraged and distressed real estate in need of rescue capital or asset repositioning.

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URBAN RENEWAL FUND

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In 2020, GLD announced the creation of the GLD Urban Renewal Fund. Operating under GLD’s investment umbrella, the GLD Urban Renewal Fund seeks to identify real estate investment opportunities in key urban renewal areas throughout the United States. These opportunities are often founds in federally designated Opportunity Zones and similarly include federal and state historic tax credits, New Markets Tax Credits and other state and federal incentives aimed at promoting development in urban renewal communities.

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